Shares of Facebook (NASDAQ: FB) dropped as much as six percent early on Thursday, but rebounded throughout the morning. In early afternoon trading, shares were down only one percent.

The company's earnings report and guidance were both fairly solid, but mobile ad revenue appeared sluggish. Further, headcount was up significantly, as the company appeared to be in a heavy mode of investment.

A few analysts downgraded Facebook, but most stuck by the company, reaffirming Buy ratings.

Jefferies downgraded Facebook to Hold from Buy and cut its price target from $32 to $30.

Sterne Agee reiterated its Buy rating and $37 price target.

Hudson Square reiterated its Hold rating.

Goldman Sachs reiterated its Buy rating and $40 price target.

Wedbush reiterated its Outperform rating and $35 price target.

Cantor Fitzgerald maintained its Buy rating and raised its price target to $35.